September 22, 2021
Alt dairy startup Ripple Foods has announced a $60 million Series E funding round, exceeding capital raise goals. The Berkeley-based brand develops dairy-free, protein-packed products while leaving a smaller footprint on the planet.
Founded in 2014 by Adam Lowry and Neil Renniger, Ripple Food uses protein from sustainably produced yellow peas, claiming to use significantly less water than dairy and other dairy alternatives. Ripple’s current portfolio of products includes Plant-Based Milk, Kids Milk, Protein Shakes, Frozen Desserts. Ripple also boasts half the sugar of dairy milk and 50% more calcium.
According to the brand, Ripple touts the highest loyalty in the plant-based milk category, with its new product range, Ripple Kids, achieving success as the number one new product in the category at retailers including Whole Foods Market and Target. According to current industry reports, the alt dairy market is experiencing unprecedented growth at +6%, while Ripple is outpacing the category by 3 times with +20% growth.
“Ripple’s growth is outpacing the category by 3x, and we are well-positioned to further accelerate that growth,” stated Laura Flanagan, CEO of Ripple Foods. “This capital raise will enable us to accelerate innovation and growth across product categories, and expand into new channels and global markets. It allows us to further achieve our mission of making plant-based foods that are better for people, and better for the planet, on an even larger scale.”